Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
Utilization rate Southwest Airlines Co. (LUV) reported the following data (in millions) for a recent year.
Year 3 Year 2 Year 1
Southwest refers to its utilization rates as passenger load factor.
Compute the passenger revenue per seat mile flown. Express in cents rounded to one decimal place.
Concept Introduction:
Standard Costing System:
Standard Costing system allows estimating the costs, preparing budgets for future periods, and analyzing the performance by comparing the budgets with actual results and find variances.
To Calculate:
The Passenger Revenue per seat mile flown
The Passenger Revenue per seat mile flown is calculated as follows:
| Year 3 | Year 2 | Year 1 | |
| Revenue (A) | $ 34,782 | $ 34,9... |
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